Remuneration

More bankers in Britain earned 1 million euros (HK$10.1 million) in 2011 than in the rest of the European Union combined and would easily breach a planned cap on bonuses, according to data from the bloc’s banking regulator showed.

While Norman Chan Tak-lam's basic salary remained at HK$6 million, the raise mainly came in the form of a 20 per cent increase in variable pay, an amount that depends on individual performance and is equivalent to a bonus at private firms.

The provincial government's announcement yesterday startled some local manufacturers who expected the rate to be about 15 per cent, but others said the increase would have little effect as they had already been paying more than that.

The difference between the first half of the year and the revival during the second half has generated momentum in the banking and finance sector and, with it, an upswing in recruitment activity. However, what effect is hiring activity having on salary levels in the notoriously tight talent pool market?

Former Inchcape chief executive Charles Mackay is to get GBP1.36 million (about HK$15.87 million) as compensation for loss of office after he was made to leave the motor, marketing and insurance group last month.

In its 1995 annual report and accounts released yesterday, the firm said Mr Mackay was the highest paid director, earning GBP397,000 in salary and other benefits.